Advice on growing a business

Things are going well with your company  - it’s time to take advantage of the position you’re in. We’ve got the insights that will help you expand your business and maximise profits.

Improve your offering

Whether you offer a product or service, you’ve got to think ‘how can I satisfy my clients even more?’ If your audience has a good experience using your product they will become loyal consumers and will start referring your brand to others.

  • Two ideas that could help you

    • Conduct an internal analysis. Recognise your team’s strengths and weaknesses, look for gaps in your technology, equipment and software, investigate your sales force and map out departmental growths.

    • Conduct an external analysis. Identify what your audience needs (they always need more), or what they’ve been unhappy with.  Find new ways to reach them and build new communication strategies.

Increase your sale

Once you have a clear picture of your capabilities, and an in-depth understanding of market demand, it's time to make some improvements. 

Keep a global perspective in mind. You want your reach to be as broad as possible and technology has made international expansion very possible. 

  • Improving a product

    • E-commerce is a great way to expand your market without geographical boundaries. If your product can be sold online, consider doing so.

    • Test your products to see how consumers enjoy them and start investigating new product concepts that will satisfy consumer demands better.

    • Create a customer loyalty programme where your audience receives points for supporting your business, referring you or engaging with your brand on social media.
  • Improving a service

    • Look for ways to extend your service offerings. A good way to start with this is to analyse consumer data by gathering information on their wants, needs and opinions.

    • Form a strategic partnership with a company that will help you expand your service offerings beyond your capabilities.

Talk to your audience

It’s time to understand how existing consumers perceive your brand so that you can target potential consumers tactfully.

  • Five things you should do

    • Create a webinar that offers new insight and educates viewers. This will turn you into a trusted advisor.

    • Be visible on forums and other online platforms that your audience visit. Become part of this conversation without hard-selling.

    • Make sure you’re listed on all the right online directories.

    • Sponsor a charity function or entertainment event in your community.

    • Don’t try fooling your social media audience. Digital marketing has become a tricky trade and consumers are the ones controlling online conversation. Be honest and build consumer trust naturally. 

Keep your competition close

If you follow your competitors closely you will learn from both their wins and their fails.

  • Six things to keep in mind

    • Investigate the background of the company, looking specifically at key dates and events that put them in the public eye.

    • Look at the depth and width of their product line.

    • Explore their digital platforms to determine the strength of their brand identity and awareness.

    • Find out what marketing and promotional campaigns they run and when.

    • Do some research on their personnel – how many employees do they have? Can you find more information on employee skillsets via LinkedIn?

    • It’s also important to understand how your audience rates your competition, and never ignore new competition in the market! 

     

     

Good location

Now that business is growing, it’s time to look at the advantages of buying office space instead of renting. 

  • 5 pros of owning office space

    • You’re building equity.

    • Monthly payments are fixed so budgeting is easier.

    • Monthly payments are tax-deductible.

    • You can create income by renting out unused space in the office.

    • You have more freedom to alter your interior according to your brand.

Once your company is operating at optimum pace, you can start working on strategies to grow your business even further!
 

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